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Head of APRA Wayne Byres, is fully aware that Major Banks have been using Mortgage Brokers as a scapegoat to allow banks to systemically approve unaffordable mortgage loans.
Former RBA employee Byers, is determined to let APRA off the hook for failing to regulate banks.
All the regulatory holes in the Twin Peaks model has been taken advantage of by APRA encouraged by its predecessor John Laker, for both heads to ‘save face’!
Byres has even created a utube telling porkies to keep up the illusion the banking system is going well and many people still believe this is happening. He suggests banks lend money from deposit funds. Does he know that banks borrow from Wholesalers, using Lines of Credit, or is he ignorant and stupid? See this 17 second
UTUBE: https://www.youtube.com/watch?v=kkw7s6gl-Vw
